what are fictious assets? give some examples?
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Answer Posted / chinmay
fictitious assets are nothing but
expenses of heavy nature that cant
be treated as a revenue expense for
a reason that those expenses will
yield income for more than one
accounting period ( deferred ) and
ignoring that expense will be
against accounting hence it is shown
as assets and written off ( some
portions) each year just like
depreciation..
examples- heavy advertisement
expenses, preliminary
expenses,discount on issue of
shares, loss on redemption of
debentures, miscellaneous
expenditure...
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